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Download Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse epub

by Joshua M. Brown,Jeff Macke


There is no shortage of financial advice these days. From cocky cable pundits to nattering news columnists to off-grid online bloggers, there are more so-called experts than ever before--and the noise can be downright deafening.

This no-bull, bottom-line guide from "The Reformed Broker" Josh Brown and Yahoo Finance's Jeff Macke will help you cut through the cacophony and make the most of today's media news. It's an eye-opening crash course in separating financial facts from fiction―featuring interviews with some of the world’s most influential investors, including:

JIM CRAMER (Mad Money) takes you behind the scenes of his polarizing TV program--and talks about his clash with Jon Stewart on The Daily Show.

HENRY BLODGET (Business Insider) shares anecdotes about tangling with Eliot Spitzer, covering the Martha Stewart trial, and launching his Business Insider site as a "marked man."

BEN STEIN (Win Ben Stein's Money) reveals how he really feels about Bernanke, Bogle, Buffett, and bailouts.

KAREN FINERMAN (CNBC's Fast Money) exposes the hype behind the headlines―and the "show biz" demands on television news pundits.

HERB GREENBERG ( explains why investors need to follow social media, where the "real" news is disseminated.

BARRY RITHOLTZ (Bailout Nation) reveals his secret for "watching" financial TV.

You'll also find invaluable insights from the original father of financial TV, Jim Rogers, and from James Altucher, the most shockingly honest commentator in the history of the medium. And you'll get a front-row seat for the processing and packaging of the news and learn everything you need to know about the talking heads who shape each day's narrative.

Up-close. In-depth. All-true. Clash of the Financial Pundits is the one guide that will change the way you look at markets and investing forever.


"Much like Michael Lewis's Liar's Poker captured the essence of 1980s institutional Wall Street, Brown's Backstage Wall Street re-creates the boiler room retail brokerage culture of the 1990s and early 2000s in vivid color." -- FORBES

"Joshua Brown may be the funniest writer on finance today, but Backstage Wall Street could make you cry more than laugh. The buffoons, manipulators, and incompetents Brown parades before us are the stewards of our retirement accounts." -- BARRON'S

"Run don't walk to read Brown's chronicles of deception [perpetrated by] those wonderful folks on Wall Street, who nearly bankrupted the world's financial system a few short years ago." -- DOUGLAS A. KASS, Seabreeze Partners Management, Inc.

Download Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse epub
ISBN: 0071817921
ISBN13: 978-0071817929
Category: Business
Subcategory: Industries
Author: Joshua M. Brown,Jeff Macke
Language: English
Publisher: McGraw-Hill Education; 1 edition (May 20, 2014)
Pages: 256 pages
ePUB size: 1819 kb
FB2 size: 1744 kb
Rating: 4.3
Votes: 610
Other Formats: docx lit azw docx

How many decisions do you make based on the results of a quick google search?

Whether one restaurant is better than another? Whether to see a movie? Which phone to buy?

I know I have relied on random internet noise for which place to eat countless times, it's likely you have done it a few times yourself (especially considering you are reading reviews about a book on amazon).

But what about when it comes time to decide on something with serious impact on your life, like how to invest your savings? Where do you look? There are plenty of people competing for your attention - and that is nothing new. Josh Brown and Jeff Macke have put together a great read on some of these characters that have appeared throughout history (long before anyone ever even heard of the internet).

Here is the bottom line - If you ever caught yourself taking advice from a public financial figure on a major decision in your life - read this book. You will very likely be amazed at what these guys have put together.
One theme of the book is that there isn't enough financial news to fill the time financial news is being broadcast, so the empty space is filled with a lot of junk. Junk means people talking who don't know what they are talking about. How do they get by with it? No one is keeping score on the predictions. Who are the most popular prognosticators? The ones who talk the loudest (literally) and attack those who disagree with them in the strongest terms. How do those clowns get away with it? Again, no one is keeping score on accuracy. It's not all negative. Some good ones are mentioned. I am grateful to this book for putting me on to Barry Ritholtz, one of the good guys who thinks the accurate and honest answer to the question, "What do you think the market will do next year?" should only be "How should I know!" even if it keeps you from being invited back on the pundit shows.
They're like the new dynamic duo of finance - Brown & Macke. Brown: Real, punches hard, throws water in the face. Wakes you. Slaps you with the truth. Macke: Looks like he can kill you with his bare hands, but his story is one of rare vulnerability, gratefulness and awareness seldom observed from those in financial media. All the interviews in this book are there to strip naked those financial leaders who had big accomplishments and big losses. It showcases their humanity. I think it's such an incredibly refreshing insight into those I respect like Barry Ritholtz, James Altucher and so many more. I love Macke's story, too. This is unlike other financial books. Refreshing, unique, and I'm hoping this isn't their last venture. One of my favorite books of the year so far.
For the novice investor, this book explains why the opinions of financial pundits should be taken with a grain of salt. There is some wisdom out there such as interviews of Chanos or Buffett, but much of the other content is filler and purely entertainment without much value (stealing from the Ritholtz interview). The book also teaches us some psychology (the advantage to stating a strong opinion verses reasoned analysis) and about incentives (the reason pundits make bold predictions).

For those of us that learned to limit our news intake years ago, this book provides a deeper look at what is going on behind the scenes of punditry. While this book is completely different than Back Stage Wall Street, the common thread it does share with Josh Brown's prior book is that it gives us a look behind the scenes; in this case, we get to look behind the curtain of financial television. I thought the Finerman interview was particularly interesting to see her discuss how she learned to become a pundit and get comfortable in the role considering she had no experience with punditry before being selected for the Fast Money cast.

I enjoyed the stories of Jeff Macke and Henry Blodget and how they blew themselves up and subsequently made their comebacks. In the case of Macke, I didn't see his "Car People" episode and I wondered what had happened to him. In the case of Blodget, I read Business Insider from time to time and I knew a little bit of his story of redemption but the book filled in the details of how he rose to fame in the late 1990s, what happened after his career crashed how he made his comeback.

This book is really two books weaved together. Macke conducts most of the interviews with the various pundits while Brown illustrates for us how silly punditry can often be. For example, humans love simplifying complex subjects into rules (which is why half the articles on the internet start with 10 rules for ...) and Chapter 15 points out how many of these rules conflict. For example, "take your losses quickly" but "don't get scared of out a good position."

My suggestion for this book is that the publisher needs to put an audiobook together. If I wasn't familiar with Josh Brown through his blog and tweets, I probably would have passed on this book due to it not being available on Audible. I think this book would be perfect for the audio format.
Great book. @jeffmake and @reformedbroker do a series of interviews and share personal stories in a great book to help all people interested in expanding their investment knowledge to understand that just because someone on television/radio/internet/print say something it does not necessarily make it true. In short, NOBODY has a crystal ball but the book is obviously much deeper and well worth the read.
If you have a tendency to follow pundit types and behave according to what they say then this book will be of value to you. Famous past pundits and their ultimate fates made for an interesting and fast read. If you are a skeptic by nature then this book at best only reaffirms your beliefs. The poignant tale of the author's own crash and burn underscores the fragility of pundit status.
A good read for financial "news" junkies as it may help to sift through the information overload in order to find out what might be useful, and realize how much of what the financial media pumps out is filler. The interview chapters seemed to be the weaker ones, IMO, with possible exception of Altucher. Josh's chapters were what I would expect from him, as a regular follower of his blog site. Of his two books, I would say Backstage Wall Street is definitely more informative and also more entertaining.